At first, we are led to believe that the killer is Seungmin. Seungmin and Chae Su-Yeon meet up in a record store where Seungmin tries to kill Yeon but Yeon shoots her before Seungmin can succeed.However, the twist is BOTH Seungmin and Yeon were the killers. Yeon leaves for France, and the cop, being slightly voyeuristic, watches his hidden camera of Yeon. In the video, she holds a coat button in her hand. The same button of the child that died at the start of the movie so Yeon was involved in that child's death. This triggers a chain of thought in the cop's mind. Yeon tells a story of how her father abused her and a boy next door saved her, this is in fact false. It was not a boy but a girl, it was Seungmin as police records show no boy lived next door but a girl did by the name of Seungmin . Towards the end of the film Seungmin has burn marks on her leg indicating she was the one trying to help Yeon as a child instead of the boy that Yeon made up.It becomes apparent that Seungmin cares very deeply for Yeon and at the end Yeon uses Seungmin to take the fall for all the murders, hence the scene at the record store. Yeon is already on her way to France. It is assumed she killed due to her father's abuse and was the cause for her obsession with the male body and cutting male bodies up.(Note for staff of ruinedendings.com - It should be noted the ending can be complex and relies on you seeing key moments in the film in order to fully understand it thus explaining this long post.)
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